Ann: Andy Well Project Update , page-21

andrewk

Suggest you look back a few years and see what happens to gold (and other metals) juniors that 'rush' into production simply because they reckon the market will rerate them. Yeah they get rerated, but not much, then their production attempt fails miserably as they haven't been diligent. Usually due to ballooning production costs and too small annual production.

Next I suggest you take a look at Integra, a company that DIDN'T rush into production but rather kept on building resource ounces until it had huge reserves and therefore big annual production (only recently commenced).

I prefer the latter type of company personally. I think Doray have a HEAP of resources to find, and that will add much more to their SP than a few thousand oz of production will trust me. Let them find more resources then watch what happens when they are producing 100G oz per year instead of 30g oz.

As for the capital raising...absolutely brilliant!!!

If you want a company that are actually in development phase, I would suggest taking a look at Kentor Gold if you can stomach the country risk (Kyrgyzstan). Either/or, both companies will have a great 2011 imho.

Cdchi1